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Trust trumps price for millennials buying jewellery in-store, study finds

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Millennials prefer to purchase jewellery and watches from bricks-and-motor retailers, citing trust and good customer service as more important than price.

According to a study by jewellery trade show, Inhorgenta Munich, 44% of consumers aged 18-35 would rather buy jewellery and watches from a person.

51% cited trusting a retailer as the most important factor in deciding where to shop.

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Interestingly, as trust plays such a high role in the purchasing decision, 40% of millennials surveyed named department stores as a preferred retailer. If independent jewellers have not built up a rapport with a younger consumer, they are more likely to go to a retail establishment, like a department store, that they are more familiar with and feel comfortable shopping in.

This means jewellers need to be well equipped to

“Watches and jewelry are emotional and very personal products. Therefore, trust places a central role in the shopping experience,” said Klaus Dittrich, chairman and chief executive officer of Messe München GmbH. “This is good news not only for the retailers but also for the brands. They are ideally positioned to build up this trusting relationship.”

Good availability of product and good customer service were also ranked high in the millennial’s list of qualities that play an important role in the purchasing decision.

Price, opening hours, and financial aids were ranked low.

Tags : Inhorgentainhorgenta munichJewelleryRetail
Stacey Hailes

The author Stacey Hailes

Editor, Professional Jeweller

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